Not long after the strains of Auld Lang Syne have died, people everywhere are busy making New Year’s resolutions.

I’m going to lose weight.

 I’m going to quit smoking.

 I’m going to get fit.

 I’m going to get a better job.

 I’m going to save more money.

These are among the most common resolutions people make for the New Year. And while the prospect of a blank canvas can make you feel that you can achieve these things, research shows that only 8 per cent of people are actually successful in achieving their resolutions.

Just 8 per cent. That’s not very many people.

For the rest of us, that’s why they remain. Unfulfilled dreams or a wish-list of things that would have been nice to accomplish.

However, you can increase your chances of achieving your goals if you are SMART about them.

YOU need to own the goal

The first thing you need to do is to set a goal that means something to you. Don’t resolve to run a marathon if you really hate running. Similarly, if you are not ready to give up smoking, don’t say you’ll do it. You need to be excited about your goal, otherwise, it’s too hard to stay motivated when the going gets tough.

Write it down

Secondly, you need to write down your goals. Writing out your goals helps you clarify what really want. To give more power to your goal, you should also write down why it’s important to you. Why do you want to achieve it? Writing down your goals also makes you more accountable to them.

It will also help motivate you to get started as well as stay committed to them when other ‘opportunities’ come along. The other good thing about writing down your goals is that you can monitor your progress — and celebrate your achievements.

Be SMART

No, we are not talking about being clever here (although people who set goals are clever!) We are talking about the SMART goal acronym

SMART stands for:

• Specific
• Measurable
• Achievable
• Realistic and
• Time-specific.

For example, if you are focusing on improving your finances:

• A specific goal is “I want to save $10,000 in 12 months”, NOT “I want more money”.
• Measure your goal by keeping weekly/monthly records of your savings account. Work out how much you need to save each month/week for you to reach your goal
• An achievable goal is “I will save $830 from my salary every month” NOT “I can spend for 6 months and live like skint for the rest of the year”.
• A realistic goal has to be relevant and achievable and fit in with your life. There is no point trying to save $830 per month if it means you don’t have enough money to live on, or that your quality of life is going to be miserable. Work out what is realistic for you to save and adjust your goals accordingly. If you can only manage to save $500 per month, for example, you may need to adjust your goal (e.g. “I will save $6,000 this year), or your timeline (e.g. “I will save $10,000 in 20 months”)
• While setting a time limit on a goal can be helpful, don’t worry if you don’t reach your target. You need to understand that sometimes, ‘life happens’ and the best-laid plans can get thrown into the air. Think “I am saving this money because….. so anything I save is a bonus”, NOT “I’m not going to reach my goal now, so I may as well spend what I like”.